Metropolitan Life Insurance Co. NY cut its stake in shares of W.P. Carey Inc. (NYSE:WPC) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,724 shares of the real estate investment trust’s stock after selling 70 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in W.P. Carey were worth $543,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in W.P. Carey by 4,264.3% in the first quarter. BlackRock Inc. now owns 6,517,625 shares of the real estate investment trust’s stock valued at $405,525,000 after buying an additional 6,368,287 shares during the last quarter. Vanguard Group Inc. increased its position in W.P. Carey by 2.4% in the first quarter. Vanguard Group Inc. now owns 16,099,968 shares of the real estate investment trust’s stock valued at $1,001,740,000 after buying an additional 380,735 shares during the last quarter. American Century Companies Inc. increased its position in W.P. Carey by 46.4% in the first quarter. American Century Companies Inc. now owns 1,193,729 shares of the real estate investment trust’s stock valued at $74,274,000 after buying an additional 378,093 shares during the last quarter. State Street Corp increased its position in W.P. Carey by 5.0% in the first quarter. State Street Corp now owns 1,937,604 shares of the real estate investment trust’s stock valued at $120,555,000 after buying an additional 91,493 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in W.P. Carey by 6.6% in the first quarter. Geode Capital Management LLC now owns 851,858 shares of the real estate investment trust’s stock valued at $53,002,000 after buying an additional 52,559 shares during the last quarter. 49.40% of the stock is owned by hedge funds and other institutional investors.
W.P. Carey Inc. (NYSE:WPC) traded down 0.35% during trading on Friday, reaching $65.74. The company’s stock had a trading volume of 85,095 shares. W.P. Carey Inc. has a 52 week low of $55.77 and a 52 week high of $69.11. The firm has a market capitalization of $7.03 billion, a P/E ratio of 25.31 and a beta of 0.88. The firm has a 50-day moving average price of $67.32 and a 200-day moving average price of $64.30.
W.P. Carey (NYSE:WPC) last released its earnings results on Friday, August 4th. The real estate investment trust reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by $0.56. The firm had revenue of $221.52 million during the quarter, compared to analyst estimates of $221.19 million. W.P. Carey had a return on equity of 8.10% and a net margin of 34.97%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $1.24 earnings per share. On average, equities analysts anticipate that W.P. Carey Inc. will post $2.23 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a $1.00 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $4.00 annualized dividend and a dividend yield of 6.06%. This is a boost from W.P. Carey’s previous quarterly dividend of $1.00. W.P. Carey’s dividend payout ratio is currently 154.44%.
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WPC has been the subject of several research analyst reports. ValuEngine downgraded W.P. Carey from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $69.00 price objective (up from $59.50) on shares of W.P. Carey in a research note on Friday, June 16th. Evercore ISI downgraded W.P. Carey from an “in-line” rating to an “underperform” rating and set a $64.00 price objective for the company. in a research note on Monday, June 12th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of W.P. Carey in a research note on Friday, June 16th. Finally, BidaskClub downgraded W.P. Carey from a “strong-buy” rating to a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $67.75.
About W.P. Carey
W. P. Carey provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide, and manages a global investment portfolio. It has two primary business segments. Under the investment management segment, the Company earns revenue as the advisor to publicly owned, non-actively traded real estate investment trusts (REITs), which are sponsored by the Company under the Corporate Property Associates brand name (the CPA REITs) and invests in similar properties.
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